The World Bank on Friday cautioned people against fraudulent issuance of debit and credit cards in India carrying its name and logo. The international financial institution said it issued the advisory after its attention was drawn to fraudulent issuance of debit and credit cards in India.
“Please note: The World Bank Group does not issue debit/credit cards. The Bank Group has no involvement with individuals/groups who have issued these fake cards, and would like to caution the public to be wary of such fraudulent practices. Please feel free to visit the World Bank’s website www.worldbank.org to clarify about World Bank’s programs and policies,” the multilateral lending agency said in its advisory.
Financial frauds have increasingly become common in India, especially with the large adoption of digital funds in the country. Banks across the country regularly send out warnings to clients to not disclose sensitive particulars of economic accounts to anyone, especially to not reveal one-time passwords and PINS. The Reserve Bank of India (RBI) has also placed out warnings advising people to be careful of messages, calls, or hyperlinks requesting updating of KYC, card particulars, OTP, and ping.
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects, comprising of two institutions: The International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).